Analyst Warns of Potential End to Crypto Bull Market if Bitcoin Fails to Hold Critical Price Level
An analyst who accurately predicted the 2023 Bitcoin breakout is now cautioning that the current crypto bull market could come to an abrupt halt if BTC is unable to maintain a crucial price area.
History Repeating Itself?
DonAlt, a pseudonymous analyst with a following of 66,400 on YouTube, draws parallels between the current market situation and Bitcoin’s 2021 bull market peak. In 2021, Bitcoin struggled to sustain momentum after failing to exceed a cycle high of around $69,000.
Following the failure to hold above $60,000 in November 2021, Bitcoin entered a prolonged downtrend that saw its price plummet below $20,000.
Current Concerns and Key Price Levels
DonAlt expresses concern that Bitcoin may be facing a similar scenario as it struggles to break through its final resistance at $110,000. He emphasizes that maintaining levels above $104,000 is crucial, with $100,000 marking a danger zone for the cryptocurrency.
Should Bitcoin start to dip below these critical levels, DonAlt suggests that it may be time to exit positions as the market sentiment turns bearish.
As of the latest update, Bitcoin is trading at $107,590.
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